Compare the Average Credit Score
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Discover where you stand financially and what it means for your borrowing power in Canada today.
Ratesopedia’s Take
In a 2022 study of about 2 million of its members, Borrowell found an average Canadian credit score of 672, placing most consumers just above the threshold needed to qualify for the best cash back credit cards and just above the “good credit” threshold. However, this number tells only part of the story. TransUnion’s Q4 2025 report found that 19.4% of Canadians moved to a better risk tier over the year and that 42.1% of credit-active consumers were in the super prime tier, up from 40.2% a year earlier. Understanding where your score falls-and why-empowers you to access better rates on mortgages, credit cards, and loans.
What Is the Average Credit Score?
According to a 2022 Borrowell study of about 2 million of its members, the average credit score in Canada was 672, a figure that covers Borrowell members rather than every Canadian with a credit file. To put that number in context, see our explainers on the credit score range, what counts as a good score, and the highest possible score. This figure represents a midpoint in the “good” credit range, which spans from 660 to 724 according to Equifax’s classification system.
In Canada, credit scores range from 300 to 900. The higher your score, the more creditworthy lenders consider you to be. Two main credit bureaus-Equifax Canada and TransUnion Canada-track your credit activity and calculate your score using proprietary formulas that weigh similar factors differently.
In TransUnion’s Q4 2025 report, the super prime share rose to 42.1% from 40.2% a year earlier, while the prime and near prime segments shrank as some consumers moved up. This upward trend suggests that despite economic challenges, Canadian consumers are managing their credit obligations responsibly.
Understanding Credit Score Ranges
Canadian credit bureaus categorize scores into five main ranges, each carrying different implications for your borrowing capacity and interest rates. Knowing where your score falls helps you understand what financial products you might qualify for.
| Score Range | Rating | What It Means | Typical Access |
|---|---|---|---|
| 760-900 | Excellent | Highest creditworthiness | Best rates, premium products |
| 725-759 | Very Good | Strong credit profile | Access to most products |
| 660-724 | Good | Above-average reliability | Standard approvals, reasonable rates |
| 560-659 | Fair | Some credit concerns | Limited options, higher rates |
| 300-559 | Poor | Significant credit challenges | Secured products, very high rates |
Most lenders in Canada look for a minimum score of 660 to approve standard credit cards and loans. For mortgages, you typically need at least 680, and the best rates become available once you reach 760 or higher.
Rates and terms may vary by financial institution. A score below 660 does not disqualify you from all credit options, but you may face higher interest rates or need to consider secured products that require a deposit.
Five Factors Shaping Your Score
Canadian credit bureaus calculate your score based on five weighted factors. Understanding these elements helps you focus your improvement efforts where they will have the greatest impact.
- Payment History (35%): Whether you pay bills on time represents the single largest factor. One missed payment can drop your score by 60-110 points and remain on your report for up to six years.
- Credit Utilization (30%): This measures how much of your available credit you are using. Experts recommend keeping utilization below 30% of your total limit, with under 10% being ideal.
- Length of Credit History (15%): Older accounts demonstrate experience managing credit over time. This is why closing your oldest credit card can negatively affect your score.
- Credit Mix (10%): Having different types of credit-such as credit cards, car loans, and lines of credit-shows you can manage various obligations responsibly.
- New Credit Inquiries (10%): Each time you apply for credit, a hard inquiry appears on your file. Multiple inquiries in a short period can signal financial stress to lenders.
These percentages serve as general guidelines. The exact weight each factor carries in your individual score may vary based on your overall credit profile and history.
How Canadians Compare by Age
Credit scores typically increase with age as consumers build longer credit histories and develop stronger financial management habits. Understanding age-based averages provides context for where you stand relative to peers.
Neither Equifax Canada nor TransUnion Canada publishes an official average score by age group in its regular consumer reports, so age-based figures that circulate online should be treated with caution.
Older age groups generally show higher average scores due to longer credit histories and more established financial patterns. However, individual scores vary significantly based on personal financial management rather than age alone.
Provincial Credit Variations
Credit performance varies across Canadian provinces due to regional economic conditions, employment rates, and cost of living differences. TransUnion’s Q4 2025 report reveals these geographical patterns.
| Province | Delinquency Rate (Q4 2025) | Year-Over-Year Change |
|---|---|---|
| Quebec | 1.31% | 0 basis points |
| British Columbia | 1.69% | -3 basis points |
| Prince Edward Island | 1.76% | -3 basis points |
| Newfoundland | 1.78% | -11 basis points |
| Canada (Average) | 1.83% | 0 basis points |
| Saskatchewan | 1.93% | -8 basis points |
| Nova Scotia | 1.96% | -4 basis points |
| Ontario | 1.96% | +1 basis point |
| Manitoba | 1.98% | -15 basis points |
| New Brunswick | 2.02% | -8 basis points |
| Alberta | 2.37% | +8 basis points |
In Q4 2025, Quebec had the lowest delinquency rate in the country at 1.31%, reflecting strong credit performance. Alberta showed the only significant increase, rising 8 basis points year-over-year, potentially linked to sector-specific economic volatility.
Lower delinquency rates generally correlate with higher average credit scores in those regions, though individual scores depend on personal financial behaviour rather than geography alone.
Recent Credit Trends in Canada
Credit conditions in Canada have held up well through recent economic shifts. TransUnion’s Q4 2025 report highlights several encouraging trends that provide context for understanding your own credit position.
- Score Improvement: 19.4% of Canadians moved into a better risk tier over 2025.
- Super Prime Growth: The super prime segment grew from 40.2% to 42.1% of credit-active consumers.
- Stable Delinquencies: The overall 90+ day delinquency rate held at 1.83% in Q4 2025, unchanged from a year earlier.
- Upward Migration: The prime and near prime segments shrank as some consumers moved up to lower-risk tiers.
These trends suggest that despite total outstanding consumer credit reaching $2.6 trillion at the end of 2025, most Canadians are managing their credit responsibly. However, 14.4% of consumers moved into worse risk tiers, highlighting that challenges persist for some segments.
Sources: TransUnion Canada, Q4 2025 Industry Insights Report; Borrowell, average credit score study (2022, about 2 million members). Checked October 26, 2026.
Practical Steps to Improve
Whether your score falls below the national average or you simply want to reach excellent territory, specific actions can accelerate your progress. Most Canadians can see meaningful improvement within 60 to 90 days with focused effort.
- Automate Payments: Set up automatic payments for at least the minimum amount due. Payment history accounts for 35% of your score, making this the single most impactful action.
- Reduce Utilization: Pay down credit card balances to below 30% of your limit. If you have a $10,000 total limit, keep balances under $3,000 at all times.
- Request Credit Increases: If you have a strong payment history, request a limit increase without increasing spending. This automatically improves your utilization ratio.
- Check Reports for Errors: Review your credit reports from both Equifax and TransUnion annually. Dispute any inaccuracies immediately, as errors can unfairly lower your score.
- Keep Old Accounts Open: Even if you no longer use a credit card regularly, keeping it active (with occasional small purchases) preserves your credit history length.
For those starting from fair or poor credit (below 660), reaching the good credit threshold typically takes 6 to 12 months of consistent positive behaviour. Moving from good to excellent usually requires 18 to 36 months of sustained effort. Visit our comprehensive credit score guide for detailed strategies tailored to your situation.
When Your Score Matters Most
Understanding when lenders scrutinize your credit score helps you prioritize improvement efforts. Certain financial decisions carry significantly higher stakes than others.
- Mortgage Applications: Lenders typically require minimum scores of 680, with the best rates reserved for scores above 760. A 100-point difference can affect your interest rate by 1-2 percentage points.
- Auto Financing: Car loans become accessible around 660, but excellent scores (760+) can save thousands in interest over a typical 5-year loan term.
- Premium Credit Cards: Cards offering the best rewards and benefits often require scores of 700 or higher. Compare options at our credit card comparison tool.
- Rental Applications: Landlords increasingly check credit scores, with many requiring minimum scores between 650-700 for approval.
Rates and terms may vary by financial institution. Before applying for major credit products, check your score through free services and address any issues that could affect approval.
Bottom Line
The 672 average from Borrowell's 2022 member study serves as a useful benchmark, but your individual score matters far more than national statistics. With 42.1% of credit-active Canadians in the super prime tier and 19.4% moving to a better tier in 2025, according to TransUnion, the trend shows that strategic credit management pays dividends.
Focus on the two highest-impact factors: making every payment on time and keeping credit utilization below 30%. These actions alone account for 65% of your score calculation. Whether you are building credit for the first time or recovering from past challenges, consistent positive behaviour typically shows results within 3 to 6 months.
Before making major financial decisions, compare your score against the ranges that matter for your goals. A mortgage requires different thresholds than a rewards credit card, so align your improvement efforts with your specific objectives. Browse our full credit score section for more guides. Stay informed about credit trends and strategies by subscribing to our newsletter for expert insights delivered directly to your inbox.
Average Credit Score Canada – FAQ
What is the average credit score in Canada?
A 2022 Borrowell study of about 2 million of its members put the average Canadian credit score at 672. This places the typical Canadian consumer in the “good” credit range (660-724). In TransUnion’s Q4 2025 report, 42.1% of credit-active Canadians were in the super prime tier, up from 40.2% a year earlier.
What is considered a good credit score in Canada?
A good credit score in Canada ranges from 660 to 724 according to Equifax’s classification system. Scores between 725 and 759 are considered very good, while anything 760 and above qualifies as excellent. Most lenders require a minimum score of 660 for standard credit product approvals, with better rates becoming available as your score increases above this threshold.
How is the credit score calculated in Canada?
Canadian credit bureaus calculate scores based on five weighted factors: payment history (35%), credit utilization (30%), length of credit history (15%), credit mix (10%), and new credit inquiries (10%). Both Equifax and TransUnion use similar factors but apply proprietary formulas, which is why your score may differ slightly between the two bureaus.
What is the average credit score by age in Canada?
Neither Equifax Canada nor TransUnion Canada publishes an official average score by age group in its regular consumer reports. Scores typically increase with age as consumers build longer credit histories and establish stronger financial patterns. However, age itself does not directly factor into score calculations-older consumers simply benefit from longer credit histories, which accounts for 15% of the overall score.
How long does it take to improve a credit score in Canada?
Most Canadians can see meaningful improvement within 60 to 90 days of implementing positive credit behaviours. Moving from fair credit (below 660) to good credit (660+) typically takes 6 to 12 months of consistent on-time payments and low credit utilization. Reaching excellent credit (760+) from good credit usually requires 18 to 36 months of sustained responsible credit management.
Which province has the best credit scores in Canada?
Quebec consistently demonstrates the strongest credit performance in Canada, with the lowest delinquency rate at 1.31% as of Q4 2025. This suggests higher average credit scores in the province. British Columbia, Prince Edward Island, and Newfoundland also show strong credit performance with delinquency rates below the national average of 1.83%.
What credit score do I need for a mortgage in Canada?
Most Canadian lenders require a minimum credit score of 680 for mortgage approval. However, the best mortgage rates typically become available once your score reaches 760 or higher. A 100-point gap in your credit score can be the difference between A-lender pricing and B-lender rates 1 to 2 percentage points higher, potentially costing or saving thousands of dollars over the life of your mortgage. Rates and terms may vary by financial institution.
Can I check my credit score for free in Canada?
Yes, you can access your credit report for free from both Equifax Canada and TransUnion Canada. Many Canadian financial institutions and services like Borrowell also offer free credit score monitoring. Checking your own credit score is considered a soft inquiry and does not negatively impact your score, unlike hard inquiries from lender applications.
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